Shanghai XNG (HKG:3666) is looking to raise net proceeds of HK$8.7 million from the placement of 442,606,200 shares at HK$0.02 apiece to at least six investors, a Monday Hong Kong bourse filing said.
The shares represent around 16.7% of the restaurant operator's enlarged issued share capital.
The company will use proceeds from the placement as general working capital.
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